Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. An increase in quantity demanded is represented by the movement
A. from D2 to D3.
B. along D2 from Point B to point A.
C. along D2 from Point B to point C.
D. from D2 to D1.
Answer: C
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In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income B) GDP; GNP C) capital; labor D) exports; imports
Potential output depends on all of the following except one. Which is the exception?
a. The supply of labor b. Labor productivity c. Household choices regarding labor and leisure d. The technology in current use e. The number of consumers in the market
If the law of diminishing marginal productivity holds true, eventually both the marginal cost curve and the average cost curve must become:
A. downward sloping. B. horizontal lines. C. upward sloping. D. vertical lines.
When the government conducts activist fiscal policy, what type of spending does it usually use?
A) net interest spending B) entitlement and mandatory spending C) strategic spending D) discretionary spending